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Havilah Resources Limited (Havilah or the Company) (ASX: HAV) is pleased to report that it has entered into binding agreements with Heavy Rare Earths Limited (ASX: HRE) relating to a portion of its extensive uranium exploration assets in the Curnamona Province of northeastern South Australia (Figure 1).
HIGHLIGHTS
- Binding agreements signed with Heavy Rare Earths Limited (HRE) conferring exploration and mining rights for various high calibre uranium assets on certain of Havilah’s exploration licences (Uranium).
- Effectively monetises a portion of Havilah’s remaining uranium assets, providing Havilah with potentially significant uranium market exposure and uranium project development upside.
4.6m lbs Figure 1 Locations of uranium projects of note in the Curnamona Province in northeastern South Australia.The Havilah uranium areas, the subject of the agreements with HRE, are shown in orange and include the Prospect Hill, Billeroo-Namba and Radium Hill projects.The current Koba Resources Limited Yarramba uranium project earn-in with Havilah is shown in grey and includes the Oban and Mt John prospects.
The Uranium assets include:
1. The Radium Hill project – strike extensions of the historic Radium Hill uranium mine (but not including it)1 with significant discovery potential for uranium. HRE’s exploration and mining rights also extend to rare earth elements and scandium on the Radium Hill project.
2. An unexplored 15 km section of the Billeroo palaeochannel project immediately downstream from Boss Energy Ltd’s Goulds Dam deposit.
3. A lightly explored 35 km section of the Lake Namba palaeochannel project, with numerous wide- spaced historic uranium drill intersections.
4. Prospect Hill project area representing an untested possible geological analogue to the prolific Beverley-Four Mile uranium mining camp.
Key terms of the transaction involve:
1. Issue of 38 million fully paid ordinary shares in HRE to Havilah, half of which are subject to a 6 month voluntary escrow and the other half to a 12 month voluntary escrow (Consideration Shares).
2. Grant of 17.5 million unlisted options over HRE ordinary shares, each exercisable at 6 cents within a period of 3 years from the date of issue (Consideration Options).
3. An expenditure commitment of $3 million over 3 years, with a minimum commitment of $1 million within the first year.
4. Subject to the above, an ability for HRE to earn an 80% interest in the Uranium exploration and mining rights within certain Havilah exploration licences and an 80% joint venture interest in any discovery tenements that it applies for over a Uranium discovery.
5. HRE will free carry Havilah’s 20% joint venture interest in a Uranium discovery until completion of a bankable feasibility study, following which Havilah may elect to contribute or dilute to a 1.5% NSR (net smelter return) royalty on Uranium produced.
6. Completion of the transaction and consequent issue of the ordinary shares and grant of the options to Havilah and commencement of the joint venture earn-in is subject to the following conditions precedent:
A. HRE completing due diligence, to its sole satisfaction;
B. HRE obtaining shareholder approval for the issue of the Consideration Shares and Consideration Options; and
C. The parties obtaining all other shareholder, regulatory and third-party approvals, consents or waivers which are required to complete their respective obligations under the agreements (together the Conditions Precedent).
These terms have been effected by execution of a binding Term Sheet that sets out the commercial arrangements and a binding Tenement Access and Mineral Rights Agreement that governs the access rights of HRE to Havilah’s relevant exploration licences.
After this transaction with HRE and the earlier transaction with Koba Resources Limited (refer to ASX announcement 22 January 2024), Havilah still retains 100% ownership of several promising hard rock prospects including the Johnson Dam prospect (refer to ASX announcement 17 May 2023), the Homestead prospect (refer to ASX announcement 29 August 2023), the Birksgate prospect (refer to ASX announcement 15 January 2024) and the Coolibah palaeochannel.
Click here for the full ASX Release
This article includes content from Havilah Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Terra Clean Energy Corp. Completes First Three Drill Holes on Fraser Lakes Uranium Deposit with Encouraging Initial Results
TERRA CLEAN ENERGY CORP. (“Terra” or the “Company”) (CSE: TCEC, OTCQB: TCEFF, FSE: 9O0), is pleased to announce the completion of the first three drill holes at the South Falcon East Uranium Project (the “Property”) which hosts the Fraser Lakes B Uranium Deposit. Drilling will continue throughout March and is expected to complete over 2000 meters (m) of drilling.
The South Falcon East Project lies 18 km outside the edge of the Athabasca Basin, approximately 50 km east of the Key Lake uranium mill and former mine (Figure 1). The Company entered into an option agreement with Skyharbour Resources Ltd. (“Skyharbour”) in October of 2022 whereby the company can earn up to a 75% interest in the Property.
The Company is currently conducting a 2000-2200 m helicopter supported drill program at the Property. Three diamond drill holes have been completed on the Fraser Lakes B Uranium Deposit, for a total of 802 m. A fourth hole in progress. (Figure 3)
“We are extremely encouraged by the results of the first three drill holes as we continue to see minerlization in each of the first three holes as well as what we believe to be an expansion of the deposit to the North. As stated below, Hole SF063 returned a continuous mineralized zone of pegmatities from 173 meters to 224 meters with some decent grades.” Based on the initial results from Hole SF063 we have decided to reorganize the remaining meters of this program to focus on further defining this new area of interest and chasing clay alteration not yet seen on the property to date, with hopes of finding a high grade unconformity uranium deposit.” said Greg Cameron CEO of the Company.
Hole SF063 was planned to examine an interpreted cross fault offsetting the mineralization and geology on the east end of the Fraser Lakes B Uranium Deposit. This hole was drilled to a depth of 393 meters and intersected multiple structures and a 51 m wide interval of mineralized granitic pegmatites and zones within altered and graphitic pelitic gneiss. Highlights include:
- 0.03% eU over 12.0 m from 173.55 to 185.55 m,
including 0.06% eU3O8 over 0.7 m from 180.35 to 181.05 m
- 0.03% eU over 3.0 m from 213.65 to 216.65 m,
including 0.07% eU3O8 over 0.5 m from 215.95 to 216.45 m
The first structure intersected from 18 m to 47.5m contained zones of intense clay alteration typically found in relation to unconformity uranium deposits. The presence of this alteration is a good indication that hydrothermal fluids suitable for deposition of higher-grade uranium deposits moved through the rocks. The second structure from 306 to 315 m is a brecciated pelitic gneiss situated between two intervals of Archean gneiss. This structure is interpreted to be responsible for the geological offset being targeted. This will assist in updating the target model in this area. The intersections of a clay altered structure and a thick sequence of mineralized pegmatites and pelitic gneiss have expanded the mineralization and improved the prospectivity on the east end of the Fraser Lakes B Uranium Deposit.
”The results from the drilling so far are very encouraging,” commented Trevor Perkins, Vice President of Exploration for Terra Clean Energy Corp. “The first two holes have shown that the deposit is still open down dip to the north and northwest. Hole SF0063 has shown that there is significant potential for upgrading the deposit on the east end. We are excited to see where this can lead”, continued Mr. Perkins.
Drilling is continuing with one hole in progress in the T-Bone lake area to examine the conductive package and alteration intersected in the area in historical drilling. Pad preparation is underway to return to the area around SF0063 and follow up on the clay alteration and pegmatites. Efforts will be made to follow the alteration and pegmatites to where they intersect, as this should be an area of fluid pooling and upgrading of mineralization within the deposit.
Hole SF061 was planned to test for a down dip extension of mineralization intersected in hole FP-15-05 and was drilled to a depth of 209 m. Drilling intersected a 35 m interval containing multiple mineralized granitic pegmatites and zones within altered and graphitic pelitic gneiss. The most notable zone returned an equivalent grade of 0.02% eU3O8 over 2.2 m from 150.25 to 152.45 m, including 0.05% eU3O8 over 0.6 m from 151.65 to 152.25 m.
Historical diamond drill hole FP-15-05 was drilled by Skyharbour in 2015 and returned multiple zones of mineralization over a 14m interval, including 6m of .10% U308 (including a 2m of 0.165% U3O8 (from 135m) and 2.5m of 0.172% U3O8 (from 145m).
Hole SF062 was planned to test for an along strike extension of mineralization intersected in holes FP-15-05 and SF0061, and was drilled to a depth of 200 m. Drilling intersected a 21 m interval containing multiple mineralized granitic pegmatites and zones within altered and graphitic pelitic gneiss. The most notable zone returned an equivalent grade of 0.03% eU3O8 over 2.2 m from 141.75 to 144.15 m, including 0.05% eU3O8 over 0.4 m from 143.15 to 143.55 m.
While both of these holes extended the mineralization down dip and along strike to the north and northwest, they did not intersect the higher grades encountered in hole FP-15-05. This is due to the potential variability within the pegmatite swarm. As long as the mineralized pegmatites are present, higher grades will be encountered within the overall mineralized zone.
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Figure 1: South Falcon East Uranium Project Location – Eastern Athabasca Basin, Saskatchewan, Canada
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Figure 2: 2025 Drill Target areas at the South Falcon East Uranium Project
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Figure 3: 2025 - Completed drill holes at South Falcon East Uranium Project
Samples of the mineralized intervals within the drill core have been collected and shipped for analysis at the Geoanalytical Laboratory at the Saskatchewan Research Council in Saskatoon, Saskatchewan. The Company will provide more detailed results once geochemical analysis of the collected core samples is completed, reviewed and confirmed.
QA/QC, Radiometric Equivalent Grades and Spectrometer Readings:
All drill intervals above are downhole length and sampling procedures and QA/QC protocols for geochemical results as well as a description of downhole gamma probe grade calculations and protocols are below. All drill core samples are shipped to the Saskatchewan Research Council Geoanalytical Laboratories (“SRC”) in Saskatoon, Saskatchewan under the care of Terra personnel for preparation, processing, and multi-element analysis by ICP-MS and ICP-OES using total (HF:NHO3:HClO4) and partial digestion (HNO3:HCl), boron by fusion, and U3O8 wt% assay by ICP-OES using higher grade standards. Assay samples are chosen based on visual inspection, downhole probing radiometric equivalent uranium grades and scintillometer (Radiation Solutions RS-125) peaks. Assay sample intervals comprise 0.5 to 1.0 metre continuous half-core split samples over the mineralized interval. These samples may also be selected for density determination using the lost wax method. With all assay samples, one half of the split sample is retained and the other sent to the SRC for analysis. The SRC is an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory. Blanks, standard reference materials, and repeats are inserted into the sample stream at regular intervals by Terra and the SRC in accordance with Terra’s quality assurance/quality control (QA/QC) procedures. Geochemical assay data are subject to verification procedures by qualified persons employed by Terra prior to disclosure.
During active exploration programs drillholes are radiometrically logged using calibrated downhole Mount Sopris 4OTGU or 2GHF probes of varying sensitivities which collect continuous readings along the length of the drillhole. Preliminary radiometric equivalent uranium grades (“eU3O8”) are then calculated from the downhole radiometric results. The probe is calibrated using an algorithm calculated from the calibration of the probe at the Saskatchewan Research Council facility in Saskatoon and from the comparison of probe results against geochemical analyses. In the case where core recovery within a mineralized intersection is poor or non-existent, radiometric grades are considered to be more representative of the mineralized intersection and may be reported in the place of assay grades. Radiometric equivalent probe results are subject to verification procedures by qualified persons employed by Terra prior to disclosure.
About Terra Clean Energy Corp.
Terra Clean Energy (formerly Tisdale Clean Energy Corp) is a Canadian-based uranium exploration and development company. The Company is currently developing the South Falcon East uranium project, which holds a 6.96M pound inferred uranium resource within the Fraser Lakes B Uranium Deposit, located in the Athabasca Basin region, Saskatchewan, Canada.
ON BEHALF OF THE BOARD OF TERRA CLEAN ENERGY CORP.
“Greg Cameron”
Greg Cameron, CEO
Qualified Person
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by C. Trevor Perkins, P.Geo., the Company’s Vice President, Exploration, and a Qualified Person as defined by National Instrument 43-101.
*The historical resource is described in the Technical Report on the South Falcon East Property, filed on sedarplus.ca on February 9, 2023. The Company is not treating the resource as current and has not completed sufficient work to classify the resource as a current mineral resource. While the Company is not treating the historical resource as current, it does believe the work conducted is reliable and the information may be of assistance to readers.
Forward-Looking Information
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information, including statements regarding the potential development of mineral resources and mineral reserves which may or may not occur. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and general economic and political conditions. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary approvals, including governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by applicable laws. For more information on the risks, uncertainties and assumptions that could cause our actual results to differ from current expectations, please refer to the Company’s public filings available under the Company’s profile at www.sedarplus.ca.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Greg Cameron, CEO
Terra Clean Energy Corp
Suite 303, 750 West Pender Street
Vancouver, BC V6C 2T7
Eclipse Metals and Boss Energy Sign Binding Option & Earn-In Agreement for Liverpool Uranium Project
Highlights
- Eclipse Metals and Boss Energy enter into a binding option and earn-in agreement to advance exploration at the Liverpool Uranium Project (the Project)
- Boss Energy is committing $250,000 to exploration during the 12-month option period
- Following the exercise of the option:
- Boss Energy has the right to earn up to an 80% interest in the Project by providing up to $8 million in exploration funding – divided into two stages – over a 7-year period; and
- As part of the staged earn-in, Boss Energy must spend a minimum of $ 1.5 million on exploration before it is able to withdraw from the agreement.
- Upon earning an initial 49% interest in the Project, Boss Energy will have the option to earn up to an 80% interest in the Project.
- Boss Energy and Eclipse Metals will form an unincorporated joint venture (JV) to explore and develop the Project
- Upon successful earn-in, Boss Energy will have the option to purchase an additional 10% interest from Eclipse, bringing its total interest in the Project to 90%, for $50 million.
- This strategic alliance enables Eclipse to focus on its rare earth assets in Greenland, while still maintaining its strong interests in the Australian uranium sector.
A summary of the material terms and conditions of the binding option and earn-in agreement is set out in Annexure A.
Commenting on the Company’s strategic alliance with Boss Energy, Eclipse Metals Executive Chairman Carl Popal said:
“Partnering with Boss Energy is a key milestone for Eclipse Metals and the advancement of the Liverpool Uranium Project.
“Boss Energy as a uranium producer will accelerate our exploration efforts, bringing us closer to unlocking the full potential of this highly prospective region.
“This strategic alliance allows Eclipse to enhance shareholder value in this long-held asset while sharpening our focus on critical mineral opportunities. Our key projects in Greenland, with their rich rare earth and industrial mineral potential, and other Australian assets remain central to our mission of contributing to the global critical minerals supply chain.”
ABOUT THE LIVERPOOL URANIUM PROJECT
The Liverpool Uranium Project comprises five exploration licences – EL27584, ELA31065, ELA31770, ELA31771, and ELA31772 – covering 1,229 square kilometers. Notably, the Devil's Elbow prospect within EL27584 has yielded high-grade surface uranium assays, including results up to 5.8% U₃O₈, as well as significant gold and palladium mineralisation (EPM announcement 20 April 2020).
The Company’s previous exploration programs focused on the area around the Devil’s Elbow, Terrace and Ferricrete uranium prospects, concentrating on high-priority areas defined by historical geochemical and radiometric anomalies within EL27584 and relatively unexplored ground south of the Ranger Fault.
The Devil’s Elbow prospects show strong similarities to the Jabiluka uranium and gold mine, which was discovered in 1971. Jabiluka is located 20km to the north of the Ranger Uranium Mine and about 75km west of the Devil’s Elbow. At Jabiluka, uranium and gold mineralisation occurs in an altered section of the Cahill Formation, near reverse faulting structures that are like those at the Devil’s Elbow prospect.
Figure 1: The Liverpool Uranium Project
STRATEGIC SIGNIFICANCE
This strategic alliance combines Eclipse's deep knowledge of the Project with Boss Energy's proven expertise in uranium exploration and production. The Alligator Rivers Uranium Field is renowned for its high-grade deposits, positioning both companies to capitalise on the region's significant potential.
Boss Energy intends to begin exploration activities on the Project during the 12-month option period, which will include mineral prospectivity mapping, target generation and validation of targets.
This strategic alliance underscores Eclipse's commitment to expanding its diverse portfolio of mineral projects, while aiming to create shareholder value, and contribute to the global supply of critical minerals.
Click here for the full ASX Release
This article includes content from Eclipse Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
AR3 Intersects Shallow Uranium Occurrence at Overland
Highlights:
- New shallow Uranium occurrence identified: Drill hole OV047 encountered a 6 meter interval of carbonate-cemented sediments from 27 meters, with anomalous gamma and pXRF uranium readings.
- Potential for the presence of an additional uranium model: Hole OVO47 demonstrates potential for near-surface, calcrete-hosted mineralisation (see Figure 1) - similar to uranium deposits1 mined in Namibia2 - in addition to AR3’s initial palaeochannel hosted ISR amenable uranium deposit targets.
- Accelerated follow-up drilling: Drilling program will re-commence in the week beginning 10 March 2025 to follow up the shallow uranium occurrence intersected in hole OV047.
- Rapid assay and minerology analysis: Samples generated from hole OV047 are being prioritised for assay and mineralogical determinations.
- Palaeovalley extension confirmed with multiple Uranium targets: Drilling has successfully defined the southern extension of a key palaeovalley within the southern portion of EL7001 and extending into EL6678 (See Figure 2).
- Engage with this announcement at the AR3 investor hub.
AR3 Managing Director and CEO, Travis Beinke, said:
“The intersection of a shallow uranium occurrence in OV047 is a significant step forward in our exploration program at Overland. The identification of shallow mineralisation, coupled with the confirmation of the palaeovalley's southern extension, underscores and reinforces the - potential of this project.
Our systematic approach to exploration and targeted drilling, continues to deliver results. We are excited to accelerate our follow up drilling to further delineate the extent of this new uranium occurrence and test the numerous high-priority targets we have identified. We look forward to reporting further results as we continue our drilling program through to the end of April."
Figure 1: Strip log displaying drillhole OV047 lithology, natural gamma responses (cps) and pXRF uranium responses (ppm U). In relation to the disclosure of pXRF results, the Company cautions that estimates of uranium elemental abundance from pXRF results should not be considered a proxy for quantitative analysis of a laboratory assay result. Assay results are required to determine the actual widths and grade of the mineralisation. The company uses an Olympus Vanta M Series portable X-ray Fluorescence (pXRF) analyzer to screen Air Core drilling samples for mineralization prior to submitting samples to a commercial laboratory for assay. This provides an initial understanding of the mineralization distribution before sampling, ensuring submitted samples are representative of the targeted mineralization. While pXRF confirms the presence of mineralization, it does not accurately determine elemental concentrations due to limitations such as a small analysis window, uneven distribution, shallow penetration depth, and irregular surfaces. The pXRF results are indicative and the pXRF readings are subject to confirmation by chemical analysis from an independent laboratory.
The 2025 program, which began 30 January 2025, has focused on mapping the newly defined palaeovalley (refer ASX release 21 January 2025) further south within EL7001 and onto the Sheer Gold Farm-In tenure, EL66783. A total of 22 drillholes has been completed, totaling 3,010 meters, illustrated in Figure 2.
Target 1 of EL6678, drillhole OV047 has intersected a 6 meter interval containing anomalous gamma and pXRF Uranium (U) responses. Gamma responses peaked at 741 counts per second (cps), with maximum pXRF uranium response of 105ppm U. This surficial uranium occurrence is similar to uranium mineralisation found in Namibia’s surficial uranium deposits, like Paladin Energy’s Langer Heinrich Mine. Similar calcrete-hosted deposits are also found in Western Australia4 at Cameco Corporation’s Yeelirrie deposit and Toro Energy’s Wiluna project.
The identification of another potential uranium occurrence model at Overland highlights the region’s fertility, where uranium in solution enters the basin and is captured at various geochemical interfaces within the sedimentary sequences. Drillhole OV047 shows anomalous uranium responses over a 6 meter interval from 27 meters and displayed the highest gamma response yet seen at the base of oxidation interface with reduced sediments. These findings suggest potential for both deeper palaeochannel hosted, in-situ recoverable (ISR) deposits and shallow surficial deposits in this setting.
Click here for the full ASX Release
This article includes content from Australian Rare Earths, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
